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Insurance
National Insurance Company Limited
National Insurance Company Limited was incorporated in 1906 with its Registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business (Nationalisation) Amendment Act, on 7th August 2002, National has become a Government of India undertaking.
It is the oldest existing Insurance Company in India. It has been the fastest growing Public Sector General Insurance Company in the Country for the third successive year.
The Company has earned international recognition as one of the top 5 General Insurance Companies in the Asia Pacific, at the Asia Insurance Industry Awards held by Asia Insurance Review, at Singapore in October 2003.
National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 offices, manned by more than 17,000 skilled personnel, is spread over the length and breadth of the country covering remote rural areas, townships and metropolitan cities. NIC's foreign operations are carried out from its branch offices in Nepal and Hong Kong.
Befittingly, the product ranges, of more than 200 policies offered by NIC cater to the diverse insurance requirements of its 10 million policyholders. Innovative and customized policies ensure that even specialized insurance requirements are fully taken care of.
National transacts general insurance business of Fire, Marine and Miscellaneous insurance. The Company offers protection against a wide range of risks to its customers. The Company is privileged to cater its services to almost every sector or industry in the Indian Economy viz.
Banking, Telecom, Aviation, Shipping, Information Technology, Power, Oil & Energy, Agronomy, Plantations, Foreign Trade, Healthcare, Tea, Automobile, Education, Environment, Space Research etc.
National Insurance is the pioneer in implementing the concept of bancassurance in India. National Insurance policies are available from some of the well known banks like Indian Overseas, UCO Bank, State Bank of Bikaner and Jaipur, Bank of India, State Bank of Mysore, Bank Of Baroda and City Union Bank.
There are several benefits of bancassurance to the customers :
The Customer get risk coverage at bank itself which saves time and adds to his convenience. The ease of renewals adds to customer comfort. The customer can obtain a basket of products under one roof.
While NIC has a significant market share in the non life insurance business all over the country, NIC has a large market presence in Northern and Eastern India making it the market leader in these two zones.
The company has also improved its market position from 3rd. to 2nd.. in 2003-04 in the General Insurance Industry, a significant milestone in the history of the Company in the context of enhanced competition in the Insurance Industry with private players already in the market. This has mainly been possible due to the Company’s aggressive marketing strategies including tie-ups with major corporate such as Maruti, Hero Honda and Bancassurance tie-ups with major Banks in Country.
National has invested heavily in IT initiatives to computerize its business process.
Interconnectivity of all offices is another major initiative taken up by the Company. A comprehensive model of interconnectivity has been worked out and the Wide Area Networking of all offices is underway which is expected to be complete very soon. This would have tremendous bearing on the communications system of the Company and is a big leap forward towards a paperless office. Customer service would definitely get a big boost due to the IT implementation.
The paid-up share capital of National is Rs.100 crores. The Net Worth of the Company stands at Rs.1054.37 crores, with more than adequate solvency margin. Starting off with a premium base of 500 million rupees (50 crores rupees) in 1974, NIC's gross direct premium income has steadily grown to 33910 million rupees (3391 crores rupees) approximately in the financial year 2003-2004.
The steady growth in premium income has been commensurately matched by profits over the years. As of March 2004, NIC's General Reserve stood at 10137.6 million rupees (1013.76 crores rupees) with an asset value of 89173.4 million rupees (8917.34 crores rupees) signaling strong financial fundamentals. No wonder that NIC has been rated iAAA by ICRA.
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13/Jan/2006, New Delhi
Asia's largest Automotive show. The 8th AutoExpo 2006 is going to be held at Pragati Maidan, New Delhi, India, between January 12 and 17, 2006..
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